Over the last five or 6 years …Papaya Global Compatible For Hmrc P60… functions on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely dreary and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies keep different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they add further complexity the global Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll model there’s often a frustrating number of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or very really basic there’s no real consistency framework we’re residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more an organization invests in global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the required several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be included ideal and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to type of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work better together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being used by businesses throughout the world so once again you’re just looking to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real obstacles or real difficult kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an impact perspective on staff members it is definitely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental impact on people’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the first Global Payments first payroll payment solution is a fantastic initial step um providing an end-to-end payroll option for your workers worldwide once again I think is another huge um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and lowering the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how crucial a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of try to get back to everybody so proceeding appearance why do companies select to primary different savings account there are Papaya Global Compatible For Hmrc P60 services out there doing precisely this for particular countries and I’ve operated in an organization or numerous services doing exactly that I can say it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the requirement I believe people have got so used to we need a new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering but ultimately individuals are very stuck with what they’re familiar
with ideal um modification is a tough thing all of us don’t like modification um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having preserving multiple bank accounts however there’s a huge amount of complexity chooses setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private people so the complexity is huge however I think the sincere answer is change um people have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep track of and this method does position a number of obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Compatible For Hmrc P60